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Nifty Forms Ascending Triangle Pattern In Daily Chart, Can It Trigger A Breakout?

in.investing.com/analysis/nifty-forms-ascending-triangle-pattern-in-daily-chart-can-it-trigger-a-breakout-200207034
Nifty Forms Ascending Triangle Pattern In Daily Chart, Can It Trigger A Breakout?
By AMPLIFY Financial Course   |  Jan 10, 2019 17:04
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India’s benchmark Nifty has formed an ascending triangle in the daily charts. In today’s trading, the index faced resistance around 10900 approx.

Ascending Triangle In Nifty Daily Chart
Ascending Triangle In Nifty Daily Chart


Put buying was witnessed around 10880 approx, and the index scaled down to today’s range low of 10830 approx. Going forward the market is likely to find support around tomorrows range low and the upside target for the index is around 10906 approx.

Nifty Options Data
Nifty Options Data


The Outlook for 11th January 2019

Nifty Daily Chart Levels

In today’s trading, Nifty Future faced resistance around 10900 approx. Put options buying was witnessed around 10880 approx. The index has formed an ascending triangle in the daily charts due to which overall market movement has gradually been shrinking in the last couple of sessions.
Going forward, Nifty is likely to find support around tomorrows range support and the nearest upside target for the index will be 10906 approx.


Nifty Hourly Chart Levels

In the hourly session, Spot Nifty has closed around 10821 approx. The index is likely to find resistance around 10848 approx. The nearest downside target is around 10785 approx. However, if Nifty trades below 10785, it will scale down to 10730 approx.

Nifty Share Price Technical Grid
Nifty Share Price Technical Grid

Bank Nifty Options Data

Bank Nifty Options Data
Bank Nifty Options Data

ORIGINAL POST

Nifty Forms Ascending Triangle Pattern In Daily Chart, Can It Trigger A Breakout?
 
Nifty Forms Ascending Triangle Pattern In Daily Chart, Can It Trigger A Breakout?

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Shubham Gattani
Shubham Gattani Jan 11, 2019 19:21
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I think this chart is incorrect because the upper line of triangle is not same but its a descending line.
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